Rockefeller Capital Management L.P. Makes New Investment in SoundHound AI, Inc. (NASDAQ:SOUN)

Rockefeller Capital Management L.P. bought a new stake in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 2,096,530 shares of the company's stock, valued at approximately $41,595,000. Rockefeller Capital Management L.P. owned 0.53% of SoundHound AI as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in SoundHound AI by 35.6% during the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company's stock valued at $635,508,000 after acquiring an additional 8,402,881 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of SoundHound AI by 4.4% in the fourth quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company's stock worth $149,024,000 after acquiring an additional 315,897 shares during the last quarter. State Street Corp grew its holdings in shares of SoundHound AI by 0.6% during the third quarter. State Street Corp now owns 7,197,414 shares of the company's stock worth $33,540,000 after buying an additional 42,869 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in SoundHound AI by 5.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company's stock valued at $54,078,000 after purchasing an additional 143,487 shares during the last quarter. Finally, Invesco Ltd. grew its holdings in SoundHound AI by 1,386.2% in the 4th quarter. Invesco Ltd. now owns 1,382,371 shares of the company's stock valued at $27,426,000 after buying an additional 1,289,360 shares during the period. Institutional investors and hedge funds own 19.28% of the company's stock.

Insider Activity

In other SoundHound AI news, Director Diana Sroka sold 3,402 shares of the company's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $10.08, for a total transaction of $34,292.16. Following the sale, the director now directly owns 138,850 shares of the company's stock, valued at approximately $1,399,608. This represents a 2.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Keyvan Mohajer sold 118,605 shares of the business's stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $1,174,189.50. Following the completion of the transaction, the chief executive officer now directly owns 1,903,061 shares in the company, valued at $18,840,303.90. The trade was a 5.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 500,565 shares of company stock valued at $4,999,726. Insiders own 12.28% of the company's stock.

SoundHound AI Trading Up 2.1 %

Shares of SoundHound AI stock traded up $0.17 during trading on Thursday, hitting $7.93. The stock had a trading volume of 9,109,370 shares, compared to its average volume of 42,849,711. The stock has a 50 day simple moving average of $9.68 and a 200 day simple moving average of $10.82. SoundHound AI, Inc. has a 1 year low of $3.50 and a 1 year high of $24.98. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $3.16 billion, a PE ratio of -21.99 and a beta of 2.73.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.58). SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company had revenue of $34.54 million for the quarter, compared to analyst estimates of $33.70 million. On average, research analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on SOUN shares. Northland Securities raised their target price on SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a report on Tuesday, January 14th. DA Davidson reduced their price objective on SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a research note on Monday. Cantor Fitzgerald upgraded shares of SoundHound AI to a "hold" rating in a research report on Monday, February 24th. Finally, HC Wainwright reissued a "buy" rating and issued a $26.00 target price on shares of SoundHound AI in a report on Monday, March 3rd. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, SoundHound AI has an average rating of "Hold" and an average target price of $12.43.

SoundHound AI Company Profile

SoundHound AI, Inc develops independent voice artificial intelligence (AI) solutions that enables businesses across automotive, TV, and IoT, and to customer service industries to deliver high-quality conversational experiences to their customers. Its products include Houndify platform that offers a suite of Houndify tools to help brands build conversational voice assistants, such as Application Programming Interfaces (API) for text and voice queries, support for custom commands, extensive library of content domains, inclusive software development kit platforms, collaboration capabilities, diagnostic tools, and built-in analytics; SoundHound Chat AI that integrates with knowledge domains, pulling real-time data like weather, sports, stocks, flight status, and restaurants; and SoundHound Smart Answering is built to offer customer establishments custom AI-powered voice assistant.